U.S. Virgin Islands

The USVI government intends to refund the remainder of its outstanding bonds at the end of March.

If all goes to plan, officials say the deal would prevent the islands' pension system from running out of money.

Virgin Islands Sen. Kurt Vialet said he expects the legislature to approve the refunding bill by Monday. The current bill does not include an interest rate cap that killed a refunding deal attempted in September 2020.

While challenges abound — shuttered industries, outmigration and COVID — there are positive signs the territory’s economy can be boosted.

The territory’s economy has continued to struggle in the past two years, with the islands’ employment down 9.5%.

This would be fourth attempt to refund the islands' debts. Moody's Investors Service projects the island's pension fund will run out of cash by the start of fiscal 2024.

While the U.S. continues to lag pre-pandemic levels, Puerto Rico is now ahead by 2.3% from November 2019.

The $35 million of tax-exempt and taxable notes were privately placed with Nuveen.

The governor wants to use savings to address the islands' $3.3 billion pension underfunding.

The government is also hoping an outside company will take over the Limetree oil refinery in St. Croix.

If residents become eligible for the government money, it would increase income and spending, providing a lift to the commonwealth's economy.

The fight between the governor and the legislature over control of the beleaguered utility is heading to the local Superior Court.

His bill follows unsuccessful efforts by the territory's Senate to increase oversight of its Water and Power Authority.

Limetree Bay Energy, the U.S. Virgin Islands' largest private-sector employer, was an important source of government revenue.

Gov. Bryan vetos bill that would have brought in a turnaround company to determine WAPA's status.

The EPA told the Limetree Bay Terminals and Limetree Bay Refining on St. Croix to stop refining oil because it is leading to an “imminent risk to public health.”

A majority of the USVI Senate are sponsoring a bill to give the Public Services Commission near total control over the islands' financially troubled water and power authority.

Moody's says that the pension system will likely run out of money in fiscal year 2024.

The authority's board will be replacing two leaders.

The pension system is in an “accelerating death spiral,” he said. In contrast, he offered good news about the territory's water and power authority.